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Oil & Gas

Shell executive set for BG top job

16/01/2016

Top Shell executive Huibert Vigeveno is set to become the transitional chief executive of BG Group after the expected completion of the £34billion “mega-merger” of the two oil giants next month

Oil & Gas

Lukoil said to be leaving Ivory Coast projects

15/01/2016

Russia’s second-largest oil producer Lukoil is leaving projects in Ivory Coast, the Interfax news agency reported on Friday. Lukoil has been operating in the Gulf of Guinea offshore Ivory Coast since 2006 and is operator of the offshore exploration projects at the CI-401, CI-205 and CI-504 blocks, according to website of its subsidiary www.lukoil-overseas.com.

Oil & Gas

Report says wider Scottish economy affected by low oil price

15/01/2016

A report has claimed the downturn in the oil and gas industry could be having a wider impact on the Scottish economy. The Scottish Chambers of Commerce said the effect of lower oil prices could be extending beyond businesses operating directly in the sector. The latest quarterly report received responses from 477 firms in Scotland.

Oil & Gas

Most hated guy in oil patch gets busier as market gloom deepens

15/01/2016

Never has corporate turnaround expert Jeff Huddleston been more needed or more dreaded. Huddleston says he’s gotten used to being “the most hated guy” in the room over the past year as oil industry job losses topped 250,000and companies sought ways to curb spending. Turnaround specialists like him are about to get even busier in 2016, advising companies how to keep the lights on through the ugliest oil-market downturn in decades.

Oil & Gas

Russia rules out coordinated oil output cuts

15/01/2016

The Russian Energy Minister Alexander Novak has said coordinated oil production cuts with OPEC to help support falling oil prices would be unlikely. The politician said he felt it was unlikely all countries within OPEC would be able to agree on how to prop up prices.

Middle East

In Saudi Aramco IPO talk, some see age of oil coming to end

15/01/2016

For all the talk of Saudi Arabia’s oil company becoming the first trillion-dollar business if it goes public, some see the chatter as a sign of oil’s weakness. The Saudis, they say, know it’s time to start hedging their bet on fossil fuels. While the Saudi Arabian Oil Co. sits on a preposterously large reserve of 260 billion barrels of oil, the kingdom’s discussion of a share sale amid a global collapse in crude prices suggests another motive to those who preach about the financial risks of climate change: The Saudis may want to capitalize on an asset that’s only going to lose value if the world gets serious about global warming.

Asia

CNOOC and CGN strike strategic deal

15/01/2016

CNOOC (China National Offshore Oil Corporation) and (CGN) China General Nuclear Power Corporation have signed a strategic framework agreement on offshore oil and nuclear power.

Oil & Gas

Oil decreases for third week on signs of Iran export boost

15/01/2016

Oil in New York headed for its third weekly decline as Brent crude’s discount to U.S. prices increased on signs Iran is moving closer to boosting exports. West Texas Intermediate futures dropped as much as 3.3 percent in New York and are down 8.4 percent for the week after slipping below $30 a barrel on Tuesday. International sanctions on Iran may be lifted Monday, allowing for a boost in oil shipments from the fifth-biggest member of the Organization of Petroleum Exporting Countries. The European benchmark’s discount to WTI widened to the biggest intraday gap since July 2010.

Middle East

Fight against IS is bleeding us dry, Iraqi Kurds warn

15/01/2016

Iraqi Kurds, who field one of the most effective ground forces fighting Islamic State (IS) militants, are urgently asking America to help ease their budget crisis made worse by slumping oil prices and 1.8 million people who have fled fighting in Iraq and Syria. Representatives from the Kurds’ semi-autonomous region of northern Iraq said without help from the US or its allies the Kurds’ fighting force, known as the peshmerga, would be hampered in their fight against IS.